Tuesday, June 23, 2009

Ericsson Picks Vestberg to Succeed Svanberg as CEO

Ericsson's Board of Directors has appointed Hans Vestberg (44) to replace Carl-Henric Svanberg as president and CEO effective January 1, 2010.

Carl-Henric Svanberg is leaving Ericsson to accepted the position of Chairman of BP, the world's fourth largest company.

Hans Vestberg is currently CFO and Executive Vice President of Ericsson He is 44 years old and earned a Bachelor of Business Administration degree from the University of Uppsala, Sweden, in 1991. He joined Ericsson the same year and was within a short time period appointed to various international managerial positions in China, Sweden, Chile, Brazil and the US. Between 1998 and 2000 he was CFO of Ericsson in Brazil. In the years 2000 to 2002, Vestberg was Chief Financial Officer for Ericsson in North America and Ericsson's controller for the Americas. From 2002 to 2003 Vestberg served as President of Ericsson in Mexico. He became Senior Vice President and head of business unit Global Services in 2003 and was appointed Executive Vice President in 2005. Vestberg was appointed Chief Financial Officer in 2007.